Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1887-01-19
GOV. PIERCE'S MESSAGE.
An Able Document Reviewing
The Territ0ry's Materi.
oil Interests.
Its Rapid Growth and Development
Discussion Of the Statehood
Question.

to the legislature At 3 O'Clock on the afternoon
Of the 18th. Its reading was most attentively
listened to by both houses, and is universally
regarded an able and comprehensive paper on
the affairs Of the Territory.
Gentlemen Of the Council and House OF Repre-
sentatives: Once more the Legislature Of the
territory Of Dakota has assembled In obedience
" Law. With few exceptions tho faces Of those
who compose this general assembly are new to
these halls In the exercise OF their sovereign
will and pleasure the people have seen fit to fill
ths places of their former servants with other
men, who have gained in daily intercourse with
them their esteem and confidence. But while
the personnel Of w-makins bodies may change,
legislative authority and responsibility remain.
Men die. officials change. but government en-
dures. For the time being this essemblage 10
empowered to speak and act for the 10000 poo
pie who comprise the population Of this terri.
tory. 1t is d grave responsibility. How you
thsu perform this representative work most
faithfully and effectively ~ question that may
we'll inspire anxious thought and serious refeo-
tion,
In many respects. gentlemen. you come here at
an auspicious time, and under favorable condi-
tons. do not remember . period when better
and kinder Feeling has prevailed; and In spite
Of the hard times 80 generally felt throughout
never OSG0 assem-
the legislature which found the fiscal concerns OF
the territory 10 SO prosperous q condition. Tax
alton for territorial purposes 10 now SO light a.
Soosd s. y the
nry shows balance on hand not only sufficient
to paw all proper expenses Of the territorial gov
to pay of all the bonded indebtedness Of the
territory. which under the option contained 10
the Law. can be called in at this time.
Ninety thousand dollars OF bonds, which II was
provided might be paid by tho territory at its op-
ton within tive years Of their issue. have already
been called for by the treasurer but owing to
this call might be issued. and under what cir
cnmstances interest ON such bonds should there
after cease, holders have refused to present
promptly met BY the enactment Of law permit
ting the treasurer to take advantage Of the OPP
ton reserved. and holders be required TO either
refund the bonds at q lower rate OF interest. or
present them for redemption. The territory 10
paying about $lt per day on these bords. which
can be stopped at once il the Legislature will
grant the necessary authority.
SALE or BONDS.
The bonds authorized by the last legislature,
the premium, amount ing to s., 8ss. ~. was cred
tied to the territory on the books of the treas
urer.
territory where bonds have sold at q premium;
indeed as late as the summer Of 1884, q similar
class Of honda were cold at % and ssh. While
ing, and the growth and confidence in the imam
cial standing Of Dakota very encouraging. there
is no question but that the per cent. bonds Of
the territory are worth much more than the
amount received. Two or three things have
operated to iniure. in some degree. our financial
standing; one ia the fact that Dakota is still In
territorial condition, territorial bonds being un-
popular as a rule. Another is the existence OF
the outstanding territorial warrants, issued
under the law providing for the capital commis-
sion. In some places a non-paymen Of these
warrants by the treasurer seemed to give the i'm
precision that tho territory was either unable to
pay. or else was endeavoring u repudiate her
obligations. With the latter obstacle removed,
believe that per cent. bonds can DO sold at
par. and IL longtime bonds should be- issned.
the interest can be made even lees than that
named. 1t will not be year before our per
cent. bonds having ten years to run will be worth
st least LIP or LIS; / am inform that euch
bonds cannot be purchased to-day for less than
f1G. ro,,, No aon,, :. ,.,,., :, .n, .o.,.
ct classified as Horticultural College bends"
Normal School bonds" etc., but were issued ne
. general bond Of the territory. This would
cause no embarrassment in any future division
Of territorial indebtedness for the approp iation
always states the object for which bonds are is
sued. 1t would also add to the popularity OF
our securities if the time for which they run
we're made certain instead OF optional with the
territory. Investors do not like TO be in doubt
o. to whether they have losned money Tor FIVE
years or ten or twenty.